The shares of $SoFi Technologies Inc.(SOFI)$ have received an $8 price target from Piper Sandler. And Piper Sandler analyst Kevin Barker is maintaining an “Overweight” rating on the shares.

Barker adjusted the rating while citing issues with the market becoming increasingly concerned about the potential recession over the next 12-18 months, which has a major impact on the consumer lending market. And Barker believes that it is in the best interest of shareholders and companies in that sector to start building or conserving reserves and capital in order to get in front of a potential downturn in the economy.

So Barker dropped the estimates in the consumer finance space in order to reflect economic reality.